20.1 C
Athens
Σάββατο, 23 Νοεμβρίου, 2024

China eyeing to enhance multilateral mechanisms to substitute UN agencies: Report

Περισσότερα Νέα

- Advertisement -

Beijing is formulating a strategy to promote regional and international multilateral forums as a substitute for UN agencies, said a recent article by China Institute of Contemporary International Relations (CICIR).

According to the CICIR article titled ‘Global Security Initiative: China’s answer to Challenges’, the UN has failed to stop war impulse of hegemonic countries and lack of reforms within the UN has further weakened the political trust among the major powers.
The paper further mentions that China needs to develop regional and international multilateral mechanisms to consolidate cooperation and seek constructive exchanges with the US and Western countries.
The article stated that the gap between the US and other major powers, including EU countries, Japan and Russia has been increasing and China was the only country which has narrowed the gap with the US on the economic scale.
Interestingly, the CICIR article notes that while the size of the sanctioned Russian economy has further shrunk and China’s economic growth has been declining, the Indian economy on the other hand was in a relatively better position.
Moreover, as per other media reports, European corporate investment in China is slackening as the country’s real estate market is slumping, consumer spending drying up because of stringent “Covid zero” policies, as well as American investment is also faltering because of geopolitical tensions.
The signs are ominous for the Chinese economy as foreign investments are limited to a handful of multinationals, reported The Straits Times.
China’s published statistics for foreign direct investment show that it is gradually rising overall. But the bulk of what China counts as foreign investment is money arriving from Hong Kong, which tends to be composed of mainland money that has been briefly routed through Hong Kong as a tax-minimisation measure.
A new analysis by Rhodium, a New York research firm, shows that so-called greenfield investments from the European Union and Britain in new factories and other installations have plunged, reported The Straits Times.
These investments fell to just under USD 2 billion in the first half of this year, compared with USD 4.8 billion in the first half of last year, according to Rhodium.
A handful of German manufacturers, like Volkswagen, account for the bulk of the few European investments still being made in China. They raise money for these investments mostly by keeping in China the profits generated by their Chinese subsidiaries instead of sending money from their home country.
The European Chamber of Commerce in China said in another report, issued in Beijing, that European companies have been frustrated by the difficulty of getting executives and employees from abroad into China, which has tightly limited international travel to reduce the risk of coronavirus outbreaks.
China’s economy grew just 0.4 per cent from a year earlier in the second quarter, an anaemic rate that has made the Chinese market less attractive for foreign investment.
Joerg Wuttke, the chamber’s president, said no new European company had entered the Chinese market since the start of the pandemic, and that all but the largest European companies were losing interest, reported The Straits Times.
“They don’t even want to consider China,” he said, adding that companies’ preferences are “clearly South-east Asia, India and other parts of the world”.
The Swedish Chamber of Commerce in China released a survey of its members that also found many of them pessimistic about the investment climate in China.
In its report, the European chamber recommended a series of policies to China’s government to revive foreign investment. These include making it easier for European airlines to fly to China and not fostering Chinese consumer boycotts of European goods over disputes like China’s human rights policies, reported The Straits Times. 

- Advertisement -

ΑΠΑΝΤΗΣΤΕ

εισάγετε το σχόλιό σας!
παρακαλώ εισάγετε το όνομά σας εδώ

The reCAPTCHA verification period has expired. Please reload the page.

Ροή ειδήσεων

ΣΧΕΤΙΚΑ ΑΡΘΡΑ

Fatwa against VPNs: A threat to digital freedom in Pakistan

In a rapidly evolving digital world, where technology is increasingly integrated into every aspect of our lives, the internet is often viewed as a...

Strikes and protests increase in China due to unpaid wages and factory closures

Strikes and protests by labourers and industry workers have seen arise in China where such incidences are strictly forbidden. The majority of the protests...

Pakistan: HRCP demands reversal of Anti-Terrorism Act amendment proposal, warns of threats to democracy

The Human Rights Commission of Pakistan (HRCP) concluded its 38th Annual General Meeting with a stern call for urgent action to address Pakistan’s worsening...

China’s space ambitions face ‘huge test’ from Musk presence in Trump White House

Tech mogul Elon Musk's potential weight in the second Donald Trump administration is likely to accelerate the US space programme and pose a "huge test" to China's extraterrestrial...

ΔΗΜΟΦΙΛΗ ΑΡΘΡΑ

Φέτβα κατά των VPN: Μια απειλή για την ψηφιακή ελευθερία στο Πακιστάν

Σε έναν ταχέως εξελισσόμενο ψηφιακό κόσμο, όπου η τεχνολογία ενσωματώνεται ολοένα και περισσότερο σε κάθε πτυχή της ζωής μας, το Διαδίκτυο θεωρείται συχνά ως...

Fatwa against VPNs: A threat to digital freedom in Pakistan

In a rapidly evolving digital world, where technology is increasingly integrated into every aspect of our lives, the internet is often viewed as a...

Σε κίνδυνο τα ανθρώπινα δικαιώματα στο Πακιστάν

Η Επιτροπή Ανθρωπίνων Δικαιωμάτων του Πακιστάν (HRCP) ολοκλήρωσε την 38η Ετήσια Γενική Συνέλευση με μια αυστηρή έκκληση για επείγουσα δράση για την αντιμετώπιση της...

Οι απεργίες και οι διαδηλώσεις αυξάνονται στην Κίνα λόγω των απλήρωτων μισθών και του κλεισίματος των εργοστασίων

Απεργίες και διαμαρτυρίες από εργάτες και εργάτες της βιομηχανίας έχουν εμφανιστεί στην Κίνα όπου τέτοια περιστατικά απαγορεύονται αυστηρά. Η πλειονότητα των διαμαρτυριών διεξήχθη πριν...